High street shoe retailer Office has put itself up for sale with a price tag of £170m. The fashion forward chain was bought by Sir Tom Hunter’s West Coast Capital in 2003 for about £16m. It has since expanded from 21 stores, mainly in London, to a national presence of 125 outlets.
While other footwear chains such as Faith have struggled in the downturn, Office has prospered in spite of the tougher economic conditions, reported the Financial Times. For the year to January, revenue at Office rose 29 per cent to £145.6m and pre-tax profit increased 148 per cent to £15.6m
“ When we acquired Office it had the potential to go nationwide and ultimately be an international brand,” said Brian McCluskey, chief executive, who said he and the management team were committed to stay on if a sale went ahead.
” Were the best in the UK for our target market so in the past few years we’ve been encouraged by suppliers to look internationally,” he added.
Office already has one international store – a concession in Topshop’s New York branch. DO YOU FEEL THIS WILL EFFECT COST PRICING ON SHOES?